The Deco Building at 201 E. Pittsburgh, valued at $7.94 million, is to go up for auction to settle $18.75 million in unpaid debts that Lighthouse has on the property, according to court documents. The building has apartments, and its commercial space is in "shell condition" with only one tenant, Columbia Sportswear, according to court documents. However, after it is sold, the Deco Building's available office space can be leased to tenants and built out.

A court-approved agreement between Lighthouse and its lenders refers to a potential buyer that performed appraisals on the building. The buyer is identified only as “a single purpose entity associated with U.S. Bancorp Community Development Corporation and Johnson Bank.”

Racine-based Johnson Bank provided the New Markets Tax Credits to finance the Water Works projects. In an email to The Business Journal, Carmen Tenuta, Johnson Financial Group public relations manager, said the bank does not comment on client information.

U.S. Bancorp CDC in 2009 committed equity for the new markets and historic tax credits for the Deco Building, Clare Higgins, U.S. Bancorp CDC community and media relations manager, wrote in an email to the Business Journal.

“However, U.S. Bank did not serve as a direct lender,” she said. “We have no plans for foreclosure or purchase.”